Gruppo Campari, an Italy-based multinational producer of alcoholic and non-alcoholic beverages, has agreed to buy 81.4% ownership in Jamaican Lascelles deMercado for €330m from the members of the CL Financial group of companies.

The transaction includes a portfolio of premium and overproof rums, including Appleton Estate, Appleton Special and White, Wray & Nephew White Overproof, Coruba and a portfolio of local brands, the related upstream supply chain, as well as its local consumer products distribution business.

Upstream supply chain operations include agriculture facilities, including sugar cane fields, two distilleries, one sugar factory, nine farms and 18 warehouses in Jamaica, as well as a complete and deep inventory of aged rum to support the global expansion of the acquired business.

The acquired business also consists of local merchandising operations focused on the warehousing, sales, marketing and distribution of a range of third party branded products from consumer goods companies.

This will be the third largest acquisition in Campari’s history following the acquisitions of Wild Turkey and Skyy Spirits.

Gruppo Campari chief executive officer Bob Kunze-Concewitz said with Lascelles deMercado they are once again leveraging their acquisition framework for future growth.

"The addition of the Appleton, Wray & Nephew and Coruba rum brands as well as a portfolio of local Jamaican brands will help us build our critical mass further in key North American markets, provide a leading market position in Jamaica, a major destination in the Caribbean, whilst laying the foundations for future international growth across all major usage occasions of the growing and premiumising rum category," Kunze-Concewitz added.

The Italian firm aims to develop its critical mass in key international Appleton markets – the US, Canada, Mexico, and acquire a franchise in Jamaica for future international growth.

Lascelles deMercado’s insurance business, Globe, its transportation assets, as well as securities in other companies are currently involved in a process of divestment and are not part of the transaction.

The acquisition is subject to various closing conditions and is expected to occur in the fourth quarter of 2012.